“The impact of the European crisis” will likely remain
“a major swing factor for Asian markets and currencies,”
Sebastien Barbe, head of emerging-market research for Credit
Agricole CIB in Hong Kong, wrote in a research note today.
“However, we believe that after having strongly depreciated
over the past few days, some of the Asian currencies are coming
closer to levels that may be considered attractive.”

The rupee fell 3.7 percent last week, the most since 1995,
to 46.9075 per dollar in Mumbai, according to data compiled by
Bloomberg. The won declined 5.3 percent to 1,194.80 in the four
days to May 20. Markets were closed the following day for a
holiday.